NEW YORK (AP) -- Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme.
"The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators.
The interview was published on the magazine's website Sunday night.
Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being "complicit" in his Ponzi scheme to fleece people out of billions of dollars. He said they failed to scrutinize the discrepancies between his regulatory filings and other information...
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Comment: Austrian economists have known that for a long time. You cannot be honest in an inhonest system. Worse: the current fiat monetary system with national money is a constant invitation to cheat. This system provides an intimate link between the financial sector and government, and it is hard to tell which of these two is the bigger cheater. Nevertheless, there is a big collusion in place and savers and honest workingmen are its victim. This parasitic system is doomed to break down, yet, so we may fear, only until there is no-one left anymore to fleece.
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